Report: African-American and Latino Credit Card Interest Rates Are Higher

A new report shows that African-Americans and Latinos pay higher interest rates on their credit card debt than white consumers. According to the research conducted by the National Association for the Advancement of Colored People (NAACP) and the think tank, Demos, Latinos pay an average annual percentage rate (APR) of 17.9 percent. By contrast, African-Americans… Continue reading Report: African-American and Latino Credit Card Interest Rates Are Higher

Las Vegas Casinos Accept Prepaid Cards

Not everyone believes the use of prepaid cards in Vegas is a benefit to consumers. In his popular blog VitalVegas.com, Scott Roeben writes that the casinos are the big winners. “Let’s say it like it is. This is a way for casinos to get their hands on more of our cash, plain and simple.” If ATM fees are such a concern, he writes, then casinos should just lower them.

Prepaid Card Popularity Continues To Rise

The meteoric rise in prepaid card popularity is continuing. According to a recent statement by Fitch Ratings, a Chicago-based rating agency, the use of prepaid cards is also likely to continue well into the future, fueled by changing consumer behaviors and banking industry dynamics that have made debit cards less appealing. Fitch says the combined… Continue reading Prepaid Card Popularity Continues To Rise

Coming Soon: Free FICO Scores For Discover Cardmembers

First it was cash back rewards and now it’s free FICO scores. In early February, Discover, the card that has become synonymous with cash back rewards, announced that it’s millions of cardmembers will soon see something new on their monthly account statement – free FICO scores. Discover is the first credit card company to include… Continue reading Coming Soon: Free FICO Scores For Discover Cardmembers

Study: Consumer Debit Card Use Declines As Prepaid Grows

Instead of debit card usage, Mercator’s researchers found that consumers are relying on what have often been considered fringe financial services. For instance, largely forsaking the services provided by banks and credit unions, half of consumers surveyed said they were using check cashing, bill payment, money transfers, short-term loans and rent-to-own arrangements to take care of their financial needs.

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